Interest rates are expressed as a percentage and define the inflation adjustment factor in a given period of time, usually monthly or annual fees.
It is noteworthy that we can not just split Rate/12 or multiply Rate*12. For the correct calculation it is necessary to consider the compound interest.
Use CalcInterest to perform the conversion of an annual interest rate or daily interest on a monthly fee, monthly or daily interest to annual and so on, making your life easier.
CalcInterest will help you not only in the conversion of interest rates, but also in the calculation of compound interest and related values: according to the time or period (number of months, days or years), initial value, final value, just leaving the field you want to know in blank.
CalcInterest can be used for conversion and calculation of simple interest as well. In this case , we can simply split rate by 12, multiply by 360 and so forth.
Following global trends, all formulas for conversion used in the app are based in 360 days by year and 30 days by month, then all formulas definitely do not use 365 for year or 31 days for months.
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